10-24-2016 Council Minutes - Laserfiche WebLink

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MINUTES OF THE ORONO CITY COUNCIL Monday, October 24, 2016 7:00 o'clock p.m. ROLL CALL The Orono City Council met on the above-mentioned date with the following members present: Mayor Lili Tod McMillan, Council Members Jim Cornick, Jr., Lizz Levang, Aaron Printup, and Dennis Walsh, Representing Staff were City Administrator Jessica Loftus, Community Development Director Jeremy Barnhart, Public Works Director/City Engineer Adam Edwards, City Attorney Soren Mattick, and Recorder Jackie Young. Mayor McMillan called the meeting to order at 7:02 p.m., followed by the Pledge of Allegiance. APPROVAL OF AGENDA Item Nos. 5, 6, 8 and 9 were added to the Consent Agenda. Levang moved, Cornick seconded, to approve the Consent Agenda as amended. VOTE: Ayes 5, Nays 0. APPROVAL OF MINUTES *2. CITY COUNCIL MEETING OF OCTOBER 10, 2016 Levang moved, Printup seconded, to approve the minutes of the Orono City Council meeting of October 10, 2016, as submitted. VOTE: Ayes 5, Nays 0. PRESENTATION 3. BOND SALE — SALE OF GENERAL OBLIGATION REFUNDING BONDS SERIES 2016A — RESOLUTION NO. 6684 Finance Director Olson noted on September 12, 2016, the City Council adopted a resolution calling for the sale of $2,800,000 of General Obligation Refunding Bonds, Series 2016A. Nick Anhut, Ehlers, Inc., stated the action before the City Council is a resolution authorizing the final issuance and awarding of sale of the City's bonds. The bonds will be utilized to refinance existing debt of the City, which consisted of the 2008 bonds that were used for street reconstruction projects throughout the City. Anhut noted he assisted the City in putting together an official statement and offering documents to solicit bids. The City also underwent a review of their rating through Moody's Investor Service, who affirmed the City's AAA rating, which is the highest credit rating and translates into a low risk profile. Anhut noted there is a report in front of the Council this evening that provides a summary of the results of the sale and included within that report is the rating report from Moody's. Anhut stated Moody's noted that the City on a per capita exceeds a number of their benchmarks, which points to a strong and stable history. Anhut stated they received seven different bids from various underwriting firms throughout the country. The winning bid came from Doughty & Company at 1.1935 percent, which equates to a savings of $18,209 from the high bid. Page i of 9